Recent blockchain data points to a notable transformation among XRP's largest holders. Over the past two months, the number of wallets containing more than 100 million XRP has dropped by 20.6%. This reduction translates to 569 major wallets exiting the scene, according to analytics provider Santiment. Despite this, the total XRP controlled by these large investors has climbed to a seven-year peak of 48 billion coins, indicating that the remaining whales are consolidating their positions even as overall numbers dwindle.
This consolidation comes amid heightened market turbulence. XRP experienced a sharp price drop of over 6%, falling to $2.02 on December 1, following significant sell-offs from major holders. On-chain data reveals that wallets with at least 1 million XRP began offloading their assets in late November, resulting in one of the most significant weekly declines seen in 2025. The Accumulation/Distribution (A/D) line, a key metric for tracking informed investor activity, has also slipped to a multi-month low of around 8.14 billion, highlighting the intensity of the recent sell-off.
According to Santiment analysts, these developments reflect a shift in the makeup of large XRP holders. Those who remain appear to be focusing on long-term accumulation rather than seeking immediate liquidity, signaling a strategic adjustment in response to market volatility.
Technical indicators suggest that XRP is struggling to overcome resistance in the $2.30–$2.35 range. The asset has now entered a period of bearish consolidation, with sellers dominating as XRP tests the lower boundaries of its trading channel. The recent 6% decline has brought the price back to the $2.20 mark, a crucial level that could influence short-term price direction. Analysts caution that unless XRP can reclaim and hold above $2.30, it remains at risk for further losses, with $1.90 identified as a key psychological support zone where buying interest may re-emerge.
Market watchers observe that the current sell-off is part of a larger distribution pattern that began several months ago. Whale activity has intensified since September, with a notable acceleration in late November. During this period, total whale holdings dropped from 70 billion to 57 billion XRP, flooding the market with additional supply and fueling a cycle of price declines and further selling among large holders.
While the short-term outlook remains bearish, Santiment's research suggests that renewed demand at critical support levels could spark a recovery if fundamental interest returns. The ongoing tug-of-war between accumulation and distribution among major investors will be pivotal in determining whether XRP can stabilize or faces deeper corrections in the coming weeks.